Saudi Arabia’s Maaden signs MoU with GE to discuss digital cooperation in mining sector

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The Saudi Arabian Mining Company (Maaden) signed a strategic memorandum of understanding (MoU) with General Electric (GE). (SPA)
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The Saudi Arabian Mining Company (Maaden) signed a strategic memorandum of understanding (MoU) with General Electric (GE). (SPA)
Updated 20 July 2018
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Saudi Arabia’s Maaden signs MoU with GE to discuss digital cooperation in mining sector

RIYADH: The Saudi Arabian Mining Company (Maaden) signed a strategic memorandum of understanding (MoU) with General Electric (GE) on Thursday, which focused on exploring possible opportunities to support digital transformation in the industrial sector.
The two sides discussed opportunities for cooperation in advanced technical solutions that included the entire chain of Maaden’s mining operations, including activities at gold, copper, aluminum and phosphate sites.
The MoU includes utilizing GE’s technological expertise and modern applications in digital transformation, with Maaden to lead the company’s digital transformation programs.
The agreement is part of Maaden’s drive to partner with leading technology and digital solutions to leverage opportunities in technological innovation and the modern digital revolution, invest in leading technologies in its operations around the Kingdom, and enhance the company’s competitiveness as a major company in the mining sector both regionally and globally.
Maaden’s digital mining solutions will improve the company’s business by improving energy costs, enhancing reliability and efficiency of performance and productivity, while improving maintenance costs.
“The Kingdom is at the forefront of the digital transformation efforts in the industrial sector in the region with an ambitious vision. We are proud to support these ambitious visions and meet their goals,” said Darren Davis, Maaden Chief Executive Officer.
Davis stressed that a sustainable mining sector is one of the key pillars of the national economy, saying: “We are confident that our partnership with GE will be a qualitative leap toward achieving these goals and enhancing our competitiveness and sustainability through effective digital industrial solutions.”
“We are keen to build constructive partnerships with the industrial sector around the world to deliver innovative digital solutions that support operations.
“Major companies such as Maaden are of immense importance, and we recognize the impact of improved operations and enhancements,” said GE CEO Bill Roh, referring to its efficiency over other companies, and the Saudi economy as a whole.
“By collaborating to develop industry-specific and environment-friendly solutions in which Maaden manages its operations, we are moving toward achieving the desired digital transformation plans that we believe will deliver significant positive results,” added Roh.
The MoU aims to achieve the goals of Maaden, a pioneer in the Saudi mining sector, to accelerate the digital transformation of the Saudi mining sector, in line with the objectives of the Kingdom’s Vision 2030.
Maaden is working to take advantage of digital and technological transformation strategies and maximize its impact on all the company’s activities and products.
The construction of the largest 450-km treated water pipeline from Taif to support the company’s mining operations in the region, as well as the creation of artificial lakes in Ras Al-Khair for recycling water for industrial uses, are among the most prominent projects that reflect the company’s commitment to sustainability and achieving solutions, in addition to innovation and sustained economic growth, creating a professional environment that enhances talent capabilities, and ensuring the best service for communities within their professional fields.


Bank lending for ‘real economy’ key to boost China growth: central bank official

Updated 20 min 30 sec ago
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Bank lending for ‘real economy’ key to boost China growth: central bank official

  • ‘The central bank doesn’t wish to use administrative methods to require banks (to lend)’
  • Quantitative easing is neither necessary nor possible at the moment

SHANGHAI: China should encourage its banks to support smaller, private firms in the real economy, rather than forced lending or policies such as quantitative easing, a state newspaper quoted a central bank official as saying on Saturday.
“The central bank doesn’t wish to use administrative methods to require banks (to lend),” Sun Guofeng, head of the monetary policy department at the People’s Bank of China (PBOC), told the Financial News, a bank publication.
“It wants to establish positive encouragement mechanisms though monetary policy tools to encourage banks to actively increase their support for the real economy, especially toward smaller and privately-owned firms,” Sun said.
The comments come a month after Sun wrote a commentary in which he argued that problems with timely capital replenishment, bank liquidity gaps and poor rate “transmission” are three major constraints on banks’ supply of credit.
In the interview with the Financial News, Sun said monetary policy transmission had “noticeably improved,” showing that steps to enhance transmission mechanisms had been effective.
He said the central bank would increase the strength of innovation in monetary policy tools.
Perpetual bond issuance “is only one breakthrough” in reducing capital constraints on banks, Sun said, adding that “other methods” could be used in the future.
He said that quantitative easing was neither necessary nor possible at the moment, noting that under China’s financial system the significance of the central bank buying Chinese treasury bonds on the secondary market is limited, and that the PBOC is barred from buying the instruments on the primary market.
China’s banks made the most new loans on record in January following a series of moves to boost lending as authorities try to prevent a sharp slowdown in the world’s second-largest economy.